What Does a Real Estate Lawyer Do During a Home Purchase?
What Does a Real Estate Lawyer Do During a Home Purchase?
Reviewing the Purchase Agreement
Once an offer has been accepted, a real estate lawyer begins reviewing the purchase documents to ensure the terms accurately reflect the agreement between the buyer and seller. Identifying potential issues early can help avoid delays later in the transaction.
Conducting a Title Search
A title search confirms the legal ownership of the property and identifies any registered interests that could affect the purchase. This may include existing mortgages, easements, caveats, or other registrations that should be reviewed before closing.
A thorough title review helps ensure the property can be transferred as expected and gives buyers a clearer understanding of the legal status of the property.
Preparing Mortgage and Closing Documents
If financing is involved, your lawyer prepares and reviews the legal documents required by your lender. They also prepare the remaining closing documentation needed to complete the transaction.
During this stage, your lawyer works with lenders, real estate professionals, and the seller’s lawyer to coordinate the legal aspects of the purchase.
Calculating Adjustments and Registering the Transfer
Before closing, adjustments are calculated for items such as property taxes, condominium fees, or utilities that may need to be divided between the buyer and seller.
Once all requirements have been satisfied, your lawyer registers the transfer of ownership and any mortgage documents with Alberta Land Titles, completing the legal transfer of the property.
Closing Day
On closing day, funds are transferred, legal documents are finalized, and ownership is registered. Your lawyer ensures the transaction has been completed in accordance with the purchase agreement so you can take possession of your new home.
Whether you are purchasing a family home or an investment property, having experienced legal guidance throughout the process can help provide clarity from start to finish.
To learn more about our Real Estate Law services, visit our Real Estate Law page. If you’re purchasing an investment property, you may also be interested in our Corporate Law services. Planning for the future? Explore our Wills & Estates services to help protect your assets and your family.
Alberta Law Office
Alberta Law Office assists buyers, sellers, investors, and families with a wide range of real estate legal services throughout Edmonton and Alberta.
Contact our team today or book your free consultation to discuss your upcoming real estate transaction.